[Federal Register Volume 77, Number 203 (Friday, October 19, 2012)]
[Notices]
[Pages 64368-64369]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-25739]


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SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension:
    Form N-MFP, OMB Control No. 3235-0657, SEC File No. 270-604.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (the ``Commission'') is soliciting comments on the 
collection of information summarized below. The Commission plans to 
submit this existing collection of information to the Office of 
Management and Budget for extension and approval.
    Section 30(b) of the Investment Company Act of 1940 [15 U.S.C. 80a-
30(b)] (``Act'') provides that ``[e]very registered investment company 
shall file with the Commission * * * such information, documents, and 
reports (other than financial statements), as the Commission may 
require to keep reasonably current the information and documents 
contained in the registration statement of such company * * *.'' Rule 
30b1-7 under the Act [17 CFR 270.30b1-7], entitled ``Monthly Report for 
Money Market Funds,'' provides that every registered investment 
company, or series thereof, that is regulated as a money market fund 
under rule 2a-7 [17 CFR 270.2a-7] must file with the Commission a 
monthly report of portfolio holdings on Form N-MFP [17 CFR 274.201] no 
later than the fifth business day of each month. Form N-MFP sets forth 
the specific disclosure items that money market funds must provide. The 
report must be filed electronically using the Commission's electronic 
filing system (``EDGAR'') in eXtensible Markup Language (``XML'') 
format.
    Certain provisions of the rule and form contain ``collection of 
information'' requirements. We estimate that 684 money market funds are 
required by rule 30b1-7 to file, on a monthly basis, a complete report 
on Form N-MFP disclosing certain information regarding the fund and its 
portfolio holdings. We further estimate that an additional ten new 
money market funds will file reports on Form N-MFP each year. For 
purposes of this Paperwork Reduction Act analysis, the burden 
associated with the requirements of rule 30b1-7 is included in the 
collection of information requirements of Form N-MFP, rather than the 
rule. Based on conversations with industry participants, we estimate 
that money market funds prepare and file their reports on Form N-MFP by 
either (1) licensing a software solution and preparing and filing the 
report in house, or (2) retaining a service provider to provide data 
aggregation and validation services as part of the preparation and 
filing of reports on Form N-MFP on behalf of the fund.
    We estimate that 35% of money market funds (239 funds) license a 
software solution and file reports on Form N-MFP in house; we further 
estimate that each fund that files reports on Form N-MFP in house 
requires an average of approximately 42 burden hours to compile 
(including review of the information), tag, and electronically file the 
Form N-MFP for the first time and an average of approximately 8 burden 
hours for subsequent filings. Therefore, we estimate the per fund 
average annual hour burden is 96 hours for existing funds and 130 hours 
for new money market funds. Based on an estimate of 239 existing fund 
filers and 4 new fund filers each year, we estimate that filing reports 
on Form N-MFP in house takes 23,464 hours per year.
    We estimate that 65% of money market funds (445 funds) retain the 
services of a third party to provide data aggregation and validation 
services as part of the preparation and filing of reports on Form N-MFP 
on the fund's behalf; we further estimate that each fund requires an 
average of approximately 21 burden hours to compile and review the 
information with the service provider prior to electronically filing 
the report for the first time and an average of approximately 4 burden 
hours for subsequent filings. Therefore, we estimate the per fund 
average annual hour burden is 48 hours for existing funds and 65 hours 
for new money market funds. Based on an estimate of 445 existing fund 
filers and 6 new fund filers each year, we estimate that filing reports 
on Form N-MFP using a service provider takes 21,750 hours per year. In 
sum, we estimate that filing reports on Form N-MFP imposes a total 
annual hour burden of 45,214 on all money market funds.
    In addition to the costs associated with the hours burdens 
discussed above, money market funds incur other external costs. Based 
on discussions with industry participants, we estimate that money 
market funds that file reports on Form N-MFP in house license a third-
party software solution to assist in filing their reports at an average

[[Page 64369]]

cost of $3,360 per fund per year. In addition, we estimate that money 
market funds that use a service provider to prepare and file reports on 
Form N-MFP pay an average fee of $8,000 per fund per year. In sum, we 
estimate that all money market funds incur on average, in the 
aggregate, external annual costs of $4,424,480.\1\
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    \1\ This estimate is based on the following calculation: (243 
money market funds (239 existing funds + 4 new funds) that file 
reports on Form N-MFP in house x $3,360 per fund, per year) + (451 
money market funds (445 existing funds + 6 new funds) that file 
reports on Form N-MFP using a service provider x $8,000 per fund, 
per year) = $4,424,480.
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    The estimate of burden hours and costs is made solely for the 
purposes of the Paperwork Reduction Act. The estimates are not derived 
from a comprehensive or even a representative survey or study of the 
costs of Commission rules. The collection of information under Form N-
MFP is mandatory. The information provided by the form is not kept 
confidential. An agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid control number.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Thomas Bayer, Director/Chief 
Information Officer, Securities and Exchange Commission, c/o Remi 
Pavlik-Simon, 6432 General Green Way, Alexandria, VA 22312; or send an 
email to: [email protected].

    Dated: October 15, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-25739 Filed 10-18-12; 8:45 am]
BILLING CODE 8011-01-P